Either as a Plaintiff in a civil case, legal counsel, or both, at a recent court appearance you may have been told that as a condition for the continuance of your case, you’ll require an injunction bond.
Along the same lines, you’ll likely hear the terms “preliminary injunction” or “temporary restraining order”.
The injunction surety bond is this: It is a bond required, as per a Court Order, of a Plaintiff, on behalf of a Defendant(s) as a condition of “enjoining” the Defendant(s). The Court requires this bond of you in case it is subsequently determined that your cause of action against the Defendant(s) was without merit.
If your “enjoining” of the Defendant is later determined as unjustifiable, the injunction bond allows the Defendant(s) to be monetarily compensated for the loss or harm caused as a result of the temporary restraining order.
Chapter 24 of the Code of Virginia discusses the circumstances under which an injunction bond is required.
For any injunction bond up to and including a $25,000 surety bond amount, our agency offers this bond to you with streamlined processing.
What this means is that there is no credit check nor underwriter review; and the premium will be 2% of the amount required, or $100, whichever amount is greater.
Of course, we also offer injunction bonds for greater amounts (which is likely the case). In all instances, regardless of the amount, to obtain your surety bond, we’ll need the following:
Amounts Greater than $25,000
If you require an injunction surety bond greater than $25,000, in addition to the above, you will undergo a review by an underwriter which includes a business and or personal credit inquiry.
Depending on the amount, additional information may be requested. Good credit is required, because it will be very difficult to get you approved for this bond without it. In cases where a Plaintiff has poor credit, you may be asked to place full cash collateral or an irrevocable letter of credit as a condition of approval.
After approval of your surety bond, and payment of the premium, our agency issues your bond without delay.
We’ll sign your bond as Surety, and upon receipt in the mail, you’ll sign your bond as Principal before filing with the respective clerk of the Court.
Of note is to mention that the premium associated with your Virginia injunction bond is not a onetime payment, but renews annually on the anniversary of your bond’s issuance.
Our agency offers you the ability to prepay your bond up to 3 years. Doing so saves you over annual renewals; however, should your case be resolved within the bond term neither a full or prorated refund of your premium will be offered.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide injunction bonds, temporary restraining order surety bonds, and other court bonds in Virginia and nationwide.
As a note, our agency also offers the Virginia temporary restraining order bond.
Our agency is also an online aggregator and provider of license and permit, court, and probate surety bonds in Virginia and all 50 states.
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